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Item 2. Management’s Discussion and Analysis

2026-07-28 compared with 2026-04-28 · 390 added, 244 removed, 739 unchanged (46% of the section changed)

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three months ended March 31, 2026.

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and six months ended June 30, 2026.

All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated.

17 unchanged sentences

Net Investment Income

Interest Expense

Critical Accounting Estimates

46 unchanged sentences

Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide.

At March 31, 2026, we had total assets of $275 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $74 billion.

At June 30, 2026, we had total assets of $281 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $75 billion.

Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda.

2 unchanged sentences

For more information on our segments refer to “Segment Information” under Item 1 in our 2025 Form 10-K.

Consolidated Operating Results – Three Months Ended March 31, 2026 and 2025

Three Months Ended

March 31 % Change

Consolidated Operating Results – Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Net premiums written $ 14,705 $ 14,196 3.6 % $ 28,710 $ 26,842 7.0 %

3 unchanged sentences

Net realized gains (losses) 162 160 1.5 % (245) 44 NM

Market risk benefits gains (losses) 14 (92) NM

Market risk benefits gains (losses) 5 (17) NM 19 (109) NM

Total revenues 15,816 14,836 6.6 % 30,589 28,189 8.5 %

6 unchanged sentences

Amortization of purchased intangibles 74 74 — 147 149 (1.7) %

Integration expenses and severance 9 — NM

Integration expenses and severance 8 2 NM 17 2 NM

Total expenses 12,192 11,120 9.7 % 23,972 22,809 5.1 %

3 unchanged sentences

Net income attributable to noncontrolling interests 28 31 (12.3) % 55 43 26.8 %

27 12 131.3 %

Net income attributable to Chubb $ 2,854 $ 2,968 (3.8) % $ 5,174 $ 4,299 20.4 %

2 unchanged sentences

NM - Not meaningful

Financial Highlights for the Three Months Ended March 31, 2026

• Net income attributable to Chubb was $2.3 billion compared with $1.3 billion in the prior year period, primarily due to lower catastrophe losses.

• Total pre-tax catastrophe losses were $500 million, compared with $1.64 billion in the prior year, which included $1.47 billion from the California wildfires.

Financial Highlights for the Three Months Ended June 30, 2026

• Net income attributable to Chubb was $2.9 billion compared with $3.0 billion in the prior year period, reflecting growth in both P&C underwriting income and Life segment income, and higher net investment income, offset by lower mark-to-market gains on private equity investments.

• Total pre-tax catastrophe losses were $475 million, compared with $630 million in the prior year.

• Consolidated net premiums written were $14.71 billion, up 3.6 percent.

1 unchanged sentence

Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases.

Commercial lines reflects continued growth primarily in casualty lines, middle market, and small commercial accounts.

Growth was unfavorably impacted by reduced exposure and lower rates, in large account property lines, both admitted and E&S.

• Life Insurance segment net premiums written increased 33.1 percent, or 30.8 percent in constant dollars, due to growth in international life of 34.1 percent in constant dollars reflecting 15.7 percentage points of growth from traditional regular premium products, with the remaining growth from savings-oriented single premium business.

Commercial lines growth was unfavorably impacted by underwriting actions in large account and E&S property, which reduced growth by 4.5 percentage points.

• Life Insurance segment net premiums written increased 7.5 percent, due to growth in international life of 6.2 percent reflecting growth in traditional regular premium products of 12.4 percent, offset by lower savings-oriented single premium business.

International life insurance deposits collected increased $197 million, up 38.3 percent.

Additionally, our Chubb Benefits business grew 14.0 percent, primarily driven by worksite business.

• Pre-tax net investment income was $1.71 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets from strong operating cash flow.

• Pre-tax net investment income was $1.76 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets.

• Operating cash flow was $3.7 billion.

Net Premiums Written Three Months Ended

Change Six Months Ended

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Property and other short-tail lines $ 2,486 $ 2,766 (10.1) % (11.7) % $ 4,953 $ 5,255 (5.8) % (8.3) %

18 unchanged sentences

(1) Commercial multiple peril represents retail package business (property and general liability).

(2) For purposes of this schedule only, certain Q1 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting.

(2) For purposes of this schedule only, certain 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting.

This reclassification did not impact total Personal lines results.

1 unchanged sentence

Catastrophe Losses and Prior Period Development

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 283 $ 249 $ 569 $ 504

Catastrophe losses through March 31, 2026 and 2025, were primarily from the following events:

Winter-related storms in the U.S., and other international weather-related events.

◦ Total North America P&C Insurance catastrophe losses were $428 million.

◦ Total Overseas General catastrophe losses were $64 million.

Catastrophe losses through June 30, 2026 and 2025, were primarily from the following events:

Flooding, hail, tornadoes, wind events, and winter-related storms in the U.S., and other international weather-related events.

◦ Total North America P&C Insurance catastrophe losses were $442 million and $870 million for the three and six months ended June 30, 2026, respectively.

◦ Total Overseas General catastrophe losses were $25 million and $89 million for the three and six months ended June 30, 2026, respectively.

California wildfire losses of $1.47 billion;

flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.

◦ Total North America P&C Insurance catastrophe losses were $1.51 billion.

◦ Total Overseas General catastrophe losses were $55 million.

Pre-tax net favorable PPD for the three months ended March 31, 2026, was $301 million in our active companies, including net favorable development of $322 million in short-tail lines and net unfavorable development of $21 million in long-tail lines.

Net favorable development for short-tail lines is driven by surety and property lines.

Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation and financial lines.

Our corporate run-off portfolio had adverse development of $15 million.

Pre-tax net favorable PPD for the three months ended March 31, 2025, was $268 million in our active companies, including favorable development of $313 million in short-tail lines, principally in credit-related lines, A&H, and property.

Favorable development was partially offset by net adverse development of $45 million in long-tail lines, with adverse and favorable updates across several lines of business.

Our corporate run-off portfolio had adverse development of $13 million.

flooding in the U.S., hail, tornadoes, wind events;

global earthquakes, principally in Thailand;

and winter storm losses.

◦ Total North America P&C Insurance catastrophe losses were $372 million and $1.88 billion for the three and six months ended June 30, 2025, respectively.

◦ Total Overseas General catastrophe losses were $252 million and $307 million for the three and six months ended June 30, 2025, respectively.

Pre-tax net favorable PPD for the three months ended June 30, 2026, was $441 million in our active companies, including net favorable development of $393 million in short-tail lines and net favorable development of $48 million in long-tail lines.

Net favorable development for short-tail lines is driven by auto physical damage and property lines.

Net favorable development for long-tail lines primarily relates to workers' compensation, partially offset by adverse development in commercial general liability.

Our corporate run-off portfolio had adverse development of $158 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the six months ended June 30, 2026 was $742 million in our active companies, including net favorable development of $715 million in short-tail lines and net favorable development of $27 million in long-tail lines.

Net favorable development for short-tail lines primarily includes property, auto physical damage and surety lines.

Net favorable development for long-tail lines is driven by workers' compensation, partially offset by adverse development in general casualty lines.

Our corporate run-off portfolio had adverse development of $173 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the three months ended June 30, 2025 was $319 million in our active companies, including net favorable development of $279 million and $40 million in short-tail lines and long-tail lines, respectively.

Net favorable development for short-tail lines primarily includes property, auto physical damage, and marine lines.

Net favorable development for long-tail lines primarily relates to the Risk Management business with favorable development primarily in workers' compensation, partially offset by adverse development in general liability in the Risk Management business and adverse development from other commercial auto liability portfolios.

Our corporate run-off portfolio had adverse development of $70 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the six months ended June 30, 2025, was $587 million in our active companies, including net favorable development of $591 million in short-tail lines and net adverse development of $4 million in long-tail lines.

Net favorable development for short-tail lines primarily includes surety, property, and marine lines.

Net adverse development for long-tail lines reflects favorable development in workers' compensation and financial lines offset by adverse development in general casualty lines.

Our corporate run-off portfolio had adverse development of $83 million, primarily driven by adverse development for molestation-related claims.

Refer to the catastrophe losses and prior period development discussion in Item 7 in our 2025 Form 10-K and the prior period development discussion in Note 7 to the Consolidated Financial Statements for additional information.

P&C Combined Ratio

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

2026 2025 2026 2025

Combined ratio:

6 unchanged sentences

P&C CAY combined ratio excluding catastrophe losses 82.2 % 82.3 % 82.2 % 82.3 %

The P&C combined ratio decreased for the three months ended March 31, 2026, reflecting lower catastrophe losses.

The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three months ended March 31, 2026.

Segment Operating Results – Three Months Ended March 31, 2026 and 2025

The P&C combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses.

The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended June 30, 2026.

Segment Operating Results – Three and Six Months Ended June 30, 2026 and 2025

North America Commercial P&C Insurance

1 unchanged sentence

This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market and small commercial accounts).

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Net premiums written $ 5,594 $ 5,723 (2.3) % $ 10,489 $ 10,510 (0.2) %

6 unchanged sentences

Other (income) expense 15 8 87.6 % 29 16 81.7 %

Amortization of purchased intangibles 1 1 —

Amortization of purchased intangibles 1 2 NM 2 3 NM

Segment income $ 1,727 $ 1,785 (3.2) % $ 3,505 $ 3,599 (2.6) %

Combined ratio:

Loss and loss expense ratio 62.5 % 60.8 % 1.7 pts

Policy acquisition cost ratio 14.6 % 14.4 % 0.2 pts

Administrative expense ratio 6.9 % 6.9 % — pts

Combined ratio 84.0 % 82.1 % 1.9 pts

Catastrophe losses (3.9) % (3.1) % (0.8) pts

Prior period development 1.7 % 2.3 % (0.6) pts

CAY combined ratio excluding catastrophe losses 81.8 % 81.3 % 0.5 pts

Production by Size - Net premiums written Three Months Ended

March 31 % Change

Loss and loss expense ratio 64.7 % 62.9 % 1.8 pts 63.6 % 61.9 % 1.7 pts

Policy acquisition cost ratio 14.0 % 13.7 % 0.3 pts 14.3 % 14.0 % 0.3 pts

Administrative expense ratio 6.7 % 6.9 % (0.2) pts 6.8 % 6.9 % (0.1) pts

Combined ratio 85.4 % 83.5 % 1.9 pts 84.7 % 82.8 % 1.9 pts

Catastrophe losses (5.8) % (4.5) % (1.3) pts (4.9) % (3.8) % (1.1) pts

Prior period development 2.2 % 2.1 % 0.1 pts 2.0 % 2.2 % (0.2) pts

CAY combined ratio excluding catastrophe losses 81.8 % 81.1 % 0.7 pts 81.8 % 81.2 % 0.6 pts

NM - Not meaningful

Production by Size - Net premiums written Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Major Accounts & Specialty (large corporate accounts and wholesale business) $ 3,257 $ 3,578 (9.0) % $ 6,029 $ 6,309 (4.4) %

1 unchanged sentence

Total $ 5,594 $ 5,723 (2.3) % $ 10,489 $ 10,510 (0.2) %

Net Catastrophe Losses and Prior Period Development Three Months Ended

Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net premiums written increased $108 million, or 2.3 percent, for the three months ended March 31, 2026, which includes P&C lines growth of 3.2 percent and a decline in financial lines of 3.5 percent.

Net premiums written decreased $129 million, or 2.3 percent, for the three months ended June 30, 2026, which includes a decline in P&C lines of 3.1 percent, and growth in financial lines of 2.1 percent.

Middle market and small commercial grew 8.9 percent, with P&C lines up 12.0 percent and financial lines down 2.8 percent.

Major accounts retail and specialty grew 1.5 percent, with property and other short-tail lines down 21.9 percent, casualty up 20.3 percent, and financial lines down 0.4 percent.

Premium growth was broad-based, reflecting continued growth in large account primary and excess casualty, and in our small and mid-market commercial P&C lines, supported by new business and positive rate in most lines.

This growth was partially offset by a decline in our large account property lines, both admitted and E&S, which reduced overall growth by approximately 5.0 percentage points, primarily due to reduced exposure and lower rates.

Net premiums earned increased $160 million, or 3.2 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.

Major accounts retail and specialty declined 9.0 percent, with property and other short-tail lines down 30.1 percent, casualty up 1.1 percent, and financial lines up 6.8 percent.

Net premiums written decreased $21 million, or 0.2 percent, for the six months ended June 30, 2026, which includes declines in P&C lines of 0.2 percent and in financial lines of 0.3 percent.

Middle market and small commercial grew 6.2 percent, with P&C lines up 8.7 percent and financial lines down 4.2 percent.

Major accounts retail and specialty declined 4.4 percent, with property and other short-tail lines down 26.9 percent, casualty up 9.7 percent, and financial lines up 4.0 percent.

The decrease in premiums is primarily due to a decline in our large account and E&S property, which reduced overall growth by approximately 6.4 and 5.8 percentage points, for the three and six months ended June 30, 2026, respectively, primarily due to underwriting actions.

Net premiums earned increased $37 million, or 0.7 percent, and $197 million, or 1.9 percent, for the three and six months ended June 30, 2026, respectively, reflecting the earning of premiums written in prior periods, which partially offset the decline in current quarter premiums written as described above.

Combined Ratio

The combined ratio increased for the three months ended March 31, 2026, reflecting higher catastrophe losses and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the three months ended March 31, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.

The combined ratio increased for the three and six months ended June 30, 2026, reflecting higher catastrophe losses.

The CAY combined ratio excluding catastrophe losses increased for the three and six months ended June 30, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.

North America Personal P&C Insurance

The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S.

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Net premiums written $ 2,054 $ 1,938 6.0 % $ 3,735 $ 3,490 7.0 %

3 unchanged sentences

Administrative expenses 86 82 4.6 % 171 169 0.9 %

Underwriting income (loss) 280 (936) 129.9 %

Underwriting income (loss) 593 445 33.4 % 873 (491) NM

Net investment income 140 118 19.1 % 277 238 16.6 %

Other (income) expense 3 1 (198.5) %

Other (income) expense 3 — NM 6 1 NM

Amortization of purchased intangibles 2 2 — 4 4 —

Segment income $ 412 $ (819) 150.3 %

Segment income (loss) $ 728 $ 561 29.9 % $ 1,140 $ (258) NM

Combined ratio:

Loss and loss expense ratio 59.3 % 133.0 % (73.7) pts

Policy acquisition cost ratio 19.9 % 21.0 % (1.1) pts

Administrative expense ratio 4.8 % 5.5 % (0.7) pts

Combined ratio 84.0 % 159.5 % (75.5) pts

Catastrophe losses (12.7) % (84.5) % 71.8 pts

Prior period development — — — pts

CAY combined ratio excluding catastrophe losses 71.3 % 75.0 % (3.7) pts

Loss and loss expense ratio 43.5 % 48.9 % (5.4) pts 51.2 % 89.5 % (38.3) pts

Policy acquisition cost ratio 19.1 % 19.7 % (0.6) pts 19.5 % 20.4 % (0.9) pts

Administrative expense ratio 4.7 % 4.9 % (0.2) pts 4.8 % 5.2 % (0.4) pts

Combined ratio 67.3 % 73.5 % (6.2) pts 75.5 % 115.1 % (39.6) pts

Catastrophe losses (7.0) % (8.5) % 1.5 pts (9.8) % (45.2) % 35.4 pts

Prior period development 9.6 % 7.2 % 2.4 pts 4.9 % 3.7 % 1.2 pts

CAY combined ratio excluding catastrophe losses 69.9 % 72.2 % (2.3) pts 70.6 % 73.6 % (3.0) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net premiums written increased $129 million, or 8.3 percent, for the three months ended March 31, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners.

Growth includes the favorable impact of $50 million of ceded reinstatement premiums related to the California wildfires in the prior year.

Net premiums earned increased $172 million, or 10.9 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.

Net premiums written increased $116 million, or 6.0 percent, and $245 million, or 7.0 percent, for the three and six months ended June 30, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners.

Net premiums earned increased $136 million, or 8.1 percent, and $308 million, or 9.5 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio decreased for the three months ended March 31, 2026, reflecting the California wildfire catastrophe losses in the prior year, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, primarily due to an improvement in homeowners and personal excess from lower underlying losses, and a lower administrative expense ratio resulting from the impact of higher net premiums earned and expense management.

The combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses and higher favorable prior period development.

The decrease in the combined ratio for the six months ended June 30, 2026, reflects the impact of the California wildfire catastrophe losses in the prior year, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, due to improvement in homeowners and personal excess from lower underlying losses, a lower acquisition ratio resulting from a change in business mix, and a lower administrative ratio due to the impact of higher net premiums earned and expense management.

North America Agricultural Insurance

2 unchanged sentences

(Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Net premiums written $ 776 $ 733 6.0 % $ 1,087 $ 1,009 7.8 %

9 unchanged sentences

Combined ratio:

Loss and loss expense ratio 27.9 % 55.9 % (28.0) pts

Policy acquisition cost ratio 12.6 % 10.4 % 2.2 pts

Administrative expense ratio (3.0) % 1.2 % (4.2) pts

Combined ratio 37.5 % 67.5 % (30.0) pts

Catastrophe losses (2.4) % (8.9) % 6.5 pts

Prior period development 42.5 % 20.3 % 22.2 pts

CAY combined ratio excluding catastrophe losses 77.6 % 78.9 % (1.3) pts

Loss and loss expense ratio 82.0 % 80.8 % 1.2 pts 69.7 % 75.4 % (5.7) pts

Policy acquisition cost ratio 7.2 % 7.9 % (0.7) pts 8.4 % 8.5 % (0.1) pts

Administrative expense ratio 0.5 % 0.4 % 0.1 pts (0.3) % 0.5 % (0.8) pts

Combined ratio 89.7 % 89.1 % 0.6 pts 77.8 % 84.4 % (6.6) pts

Catastrophe losses (2.1) % (0.3) % (1.8) pts (2.1) % (2.1) % — pts

Prior period development — — — pts 9.7 % 4.4 % 5.3 pts

CAY combined ratio excluding catastrophe losses 87.6 % 88.8 % (1.2) pts 85.4 % 86.7 % (1.3) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development Three Months Ended

Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net premiums written increased $35 million, or 12.7 percent, for the three months ended March 31, 2026, primarily due to growth in Livestock driven by lower reinsurance cessions, and growth in MPCI.

Net premiums earned increased $24 million, or 14.6 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.

Net premiums written increased $43 million, or 6.0 percent, and $78 million, or 7.8 percent, for the three and six months ended June 30, 2026, primarily driven by growth in MPCI and crop-hail.

The six months ended June 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions.

Net premiums earned increased $43 million, or 7.2 percent, and $67 million, or 8.8 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio decreased for the three months ended March 31, 2026, reflecting higher favorable prior period development and lower catastrophe losses.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, reflecting a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business, partially offset by a higher loss ratio reflecting a change in the mix of business.

The combined ratio increased for the three months ended June 30, 2026, reflecting higher catastrophe losses.

The combined ratio decreased for the six months ended June 30, 2026, reflecting higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting lower underlying losses in the agriculture P&C business and a lower acquisition cost ratio.

The CAY combined ratio excluding catastrophe losses for the six months ended June 30, 2026, also benefited from a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business.

Overseas General Insurance

4 unchanged sentences

Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488, which is managed by Chubb Underwriting Agencies Limited.

The Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand and Liberty Insurance in Vietnam, effective April 1, 2025, and February 2, 2026, respectively.

Three Months Ended

March 31 % Change

Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand.

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Net premiums written $ 3,990 $ 3,620 10.2 % $ 8,456 $ 7,523 12.4 %

12 unchanged sentences

Combined ratio:

Loss and loss expense ratio 46.7 % 47.0 % (0.3) pts

Policy acquisition cost ratio 26.7 % 26.1 % 0.6 pts

Administrative expense ratio 10.2 % 10.3 % (0.1) pts

Combined ratio 83.6 % 83.4 % 0.2 pts

Catastrophe losses (1.7) % (1.7) % — pts

Prior period development 3.5 % 3.8 % (0.3) pts

CAY combined ratio excluding catastrophe losses 85.4 % 85.5 % (0.1) pts

Net Catastrophe Losses and Prior Period Development Three Months Ended

Loss and loss expense ratio 45.6 % 54.2 % (8.6) pts 46.1 % 50.8 % (4.7) pts

Policy acquisition cost ratio 26.6 % 25.7 % 0.9 pts 26.7 % 25.9 % 0.8 pts

Administrative expense ratio 10.0 % 10.4 % (0.4) pts 10.1 % 10.3 % (0.2) pts

Combined ratio 82.2 % 90.3 % (8.1) pts 82.9 % 87.0 % (4.1) pts

Catastrophe losses (0.6) % (7.1) % 6.5 pts (1.1) % (4.5) % 3.4 pts

Prior period development 3.6 % 2.2 % 1.4 pts 3.5 % 3.0 % 0.5 pts

CAY combined ratio excluding catastrophe losses 85.2 % 85.4 % (0.2) pts 85.3 % 85.5 % (0.2) pts

Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

4 unchanged sentences

Net Premiums Written by Region

Three Months Ended March 31

Three Months Ended June 30

(in millions of U.S.

8 unchanged sentences

Net premiums written $ 3,990 100 % $ 3,620 100 % $ 3,809 10.2 % 4.8 %

Six Months Ended June 30

(in millions of U.S.

dollars, except for percentages) 2026 2026

% of Total 2025 2025

% of Total C$

2025 YTD-26 vs.

Europe, Middle East, and Africa $ 3,845 45 % $ 3,463 46 % $ 3,705 11.0 % 3.8 %

Asia 2,817 33 % 2,514 33 % 2,624 12.0 % 7.3 %

Latin America 1,726 21 % 1,479 20 % 1,620 16.7 % 6.5 %

68 1 % 67 1 % 69 2.8 % (0.6) %

Net premiums written $ 8,456 100 % $ 7,523 100 % $ 8,018 12.4 % 5.5 %

(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.

Overall, net premiums written increased $563 million, or $257 million on a constant-dollar basis, for the three months ended March 31, 2026, reflecting growth in commercial lines of 10.8 percent, or 3.1 percent on a constant-dollar basis, and growth in consumer lines of 20.5 percent, or 11.1 percent on a constant-dollar basis.

Our European division increased for the three months ended March 31, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.

Asia increased for the three months ended March 31, 2026, reflecting growth primarily in consumer lines, including personal lines and A&H.

Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand and Vietnam.

Latin America increased for the three months ended March 31, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.

Net premiums earned increased $571 million, or $331 million on a constant-dollar basis, for the three months ended March 31, 2026, reflecting the increase in net premiums written described above.

Overall, net premiums written increased $370 million and $933 million, or $181 million and $438 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting growth in commercial lines of 8.8 percent and 9.9 percent, or 3.9 percent and 3.5 percent on a constant-dollar basis, respectively, and growth in consumer lines of 12.1 percent and 16.2 percent, or 5.8 percent and 8.4 percent on a constant-dollar basis, respectively.

Our European division increased for the three and six months ended June 30, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.

Asia increased for the three and six months ended June 30, 2026, reflecting growth in commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H.

Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand.

Latin America increased for the three and six months ended June 30, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.

Net premiums earned increased $442 million and $1,013 million, or $250 million and $581 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting the increase in net premiums written described above.

Combined Ratio

The combined ratio and CAY combined ratio excluding catastrophe losses were relatively flat for the three months ended March 31, 2026, reflecting an increase in acquisition expense ratio, offset by underlying loss ratio improvement driven by mix shift.

The combined ratio decreased for the three and six months ended June 30, 2026, primarily due to lower catastrophe losses and higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting mix shift and continued expense management.

Global Reinsurance

1 unchanged sentence

Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Net premiums written $ 354 $ 380 (6.7) % $ 717 $ 788 (9.0) %

4 unchanged sentences

Administrative expenses 8 10 (15.1) % 17 20 (11.6) %

Underwriting income 78 16 NM

Underwriting income 72 98 (27.2) % 150 114 31.0 %

Net investment income 110 85 29.4 % 218 155 40.7 %

1 unchanged sentence

Combined ratio:

Loss and loss expense ratio 41.9 % 65.8 % (23.9) pts

Policy acquisition cost ratio 31.3 % 27.1 % 4.2 pts

Administrative expense ratio 2.8 % 2.7 % 0.1 pts

Combined ratio 76.0 % 95.6 % (19.6) pts

Catastrophe losses (2.3) % (21.3) % 19.0 pts

Prior period development — — — pts

CAY combined ratio excluding catastrophe losses 73.7 % 74.3 % (0.6) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development Three Months Ended

Loss and loss expense ratio 40.6 % 39.0 % 1.6 pts 41.3 % 53.0 % (11.7) pts

Policy acquisition cost ratio 32.7 % 29.1 % 3.6 pts 32.0 % 28.0 % 4.0 pts

Administrative expense ratio 2.8 % 2.9 % (0.1) pts 2.8 % 2.8 % — pts

Combined ratio 76.1 % 71.0 % 5.1 pts 76.1 % 83.8 % (7.7) pts

Catastrophe losses (2.8) % (1.8) % (1.0) pts (2.6) % (12.0) % 9.4 pts

Prior period development 3.6 % 4.3 % (0.7) pts 1.7 % 2.1 % (0.4) pts

CAY combined ratio excluding catastrophe losses 76.9 % 73.5 % 3.4 pts 75.2 % 73.9 % 1.3 pts

Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net premiums written decreased $45 million for the three months ended March 31, 2026, primarily reflecting a decrease in property lines due to increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms, as well as the favorable impact of higher catastrophe reinstatement premiums in the prior year.

This decrease was partially offset by growth in casualty business due to higher underlying rates favorably impacting the renewal portfolio.

Net premiums earned decreased $42 million for the three months ended March 31, 2026, reflecting the changes in net premiums written described above, including catastrophe reinstatement premiums in the prior year which were fully earned when written.

Net premiums written decreased $26 million and $71 million for the three and six months ended June 30, 2026, most notably in catastrophe exposed property and casualty lines from increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms.

The six months ended June 30, 2026, also included the impact of higher catastrophe reinstatement premiums in the prior year.

Net premiums earned decreased $39 million and $81 million for the three and six months ended June 30, 2026, reflecting the changes in net premiums written described above.

The six months ended June 30, 2026, also included catastrophe reinstatement premiums in the prior year which were fully earned when written.

Combined Ratio

The combined ratio decreased for the three months ended March 31, 2026, primarily due to lower catastrophe losses.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, primarily due to lower loss expectations in property lines, offset by a shift in mix of business from property to casualty lines.

The combined ratio increased for the three months ended June 30, 2026, primarily due to higher catastrophe losses and lower favorable prior period development.

The combined ratio decreased for the six months ended June 30, 2026, primarily due to lower catastrophe losses, partially offset by lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the three and six months ended June 30, 2026, primarily due to less premium from catastrophe exposed property lines.

Additionally, the three months ended June 30, 2026, was negatively impacted by higher underlying loss expectations on property lines than in the prior year.

Life Insurance

The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits.

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Net premiums written $ 1,937 $ 1,802 7.5 % $ 4,226 $ 3,522 20.0 %

7 unchanged sentences

Other (income) expense (45) (37) 20.4 % (96) (72) 33.6 %

Amortization of purchased intangibles 8 10 9.0 %

Amortization of purchased intangibles 9 8 NM 17 18 (8.6) %

Segment income $ 332 $ 305 9.0 % $ 648 $ 596 8.8 %

Segment income - constant dollars 9.1 % 8.1 %

Net premiums written increased $569 million , or $539 million on a constant-dollar basis, for the three months ended March 31, 2026.

For our international life operations, net premiums written increased 36.8 percent, or 34.1 percent on a constant-dollar basis, for the three months ended March 31, 2026.

This increase included 15.7 percentage points of growth primarily driven by our traditional regular premium products in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan.

Net premiums written in our Chubb Benefits business increased 15.8 percent for the three months ended March 31, 2026, due to 34.6 percent growth in worksite business.

NM - Not meaningful

Net premiums written increased $135 million and $704 million , or $114 million and $653 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively.

For our international life operations, net premiums written increased 6.2 percent and 21.1 percent, or 4.9 percent and 19.2 percent on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively.

The increase for the three months ended June 30, 2026, reflected growth in traditional regular premium products of 12.4 percent, primarily in Taiwan and Hong Kong, partially offset by lower savings-oriented single premium business, primarily from Huatai Life bancassurance channels.

The increase for the six months ended June 30, 2026, reflected growth in traditional regular premium products of 14.1 percent, primarily in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan.

Net premiums written in our Chubb Benefits business increased 14.0 percent and 14.9 percent for the three and six months ended June 30, 2026, respectively, due to 23.4 percent and 28.8 percent growth in worksite business.

The following table presents deposits collected on universal life and investment contracts:

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

1 unchanged sentence

2025 Q-26 vs.

Q-25 2026 2025 C$ 2025 Y-26 vs.

Deposits collected on universal life and investment contracts $ 715 $ 518 $ 527 38.3 % 35.9 % $ 1,464 $ 1,273 $ 1,308 15.1 % 12.0 %

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S.

However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative

Life deposits collected decreased $6 million for the three months ended March 31, 2026, due to lower investment linked products in Taiwan, offset by higher savings-oriented single premium sales in Huatai Life and Hong Kong.

However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services.

Life deposits collected increased $197 million for the three months ended June 30, 2026, due to new higher single premium investment linked products in Taiwan and new participating product offerings in Hong Kong broker channels.

Life deposits increased $191 million for the six months ended June 30, 2026, due to higher savings-oriented single premium sales in Hong Kong and Huatai Life, partially offset by lower single premium investment linked products in Taiwan.

Life Insurance segment income

Life Insurance segment income increased $25 million, or 8.5 percent for the three months ended March 31, 2026, reflecting the growth in our international life operations, higher net investment income from asset growth, and higher other income from Huatai.

This growth was partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

Life Insurance segment income increased $27 million and $52 million, or 9.0 percent and 8.8 percent, for the three and six months ended June 30, 2026, respectively, reflecting underwriting profitability in our international life operations, which includes net investment income, and other income from asset management fees.

The growth for the six months was driven by international life business growth mainly from Greater China, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, loss and loss expenses of asbestos and environmental (A&E) liabilities, certain other non-A&E run-off exposures including molestation, and Huatai Group's non-insurance operations results, comprising real estate and holding company activity.

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-25 2026 2025 YTD-26 vs.

Losses and loss expenses $ 158 $ 70 125.5 % $ 173 $ 84 106.4 %

5 unchanged sentences

Net realized gains (losses) 98 122 (19.2) % (285) 44 NM

Market risk benefits gains (losses) 14 (92) NM

Market risk benefits gains (losses) 5 (17) NM 19 (109) NM

Interest expense 200 181 11.0 % 398 362 10.0 %

Integration expenses and severance 9 — NM

Integration expenses and severance 8 2 NM 17 2 NM

Income tax expense 742 717 3.5 % 1,388 1,038 33.7 %

3 unchanged sentences

NM - Not meaningful

Losses and loss expenses primarily includes unfavorable prior period development for molestation claims.

Integration expenses and severance principally comprised legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency.

7 unchanged sentences

The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses.

For a further discussion related to how we assess the valuation allowance for expected credit losses

and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2025 Form 10-K.

The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses).

Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps.

Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets.

For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2025 Form 10-K.

For more information on the effect of market movements and their impact on Net income and Accumulated other comprehensive income, refer to Net Realized and Unrealized Gains (Losses) in Item 7 in our 2025 Form 10-K.

The following table presents our net realized and unrealized gains (losses):

Three Months Ended March 31

Three Months Ended June 30

(in millions of U.S.

13 unchanged sentences

Net gains (losses), pre-tax $ 162 $ 94 $ 256 $ 160 $ 1,627 $ 1,787

Pre-tax net unrealized losses of $1,826 million in our investment portfolio for the three months ended March 31, 2026, were primarily driven by higher interest rates.

Pre-tax net realized losses of $407 million for the three months ended March 31, 2026, were primarily driven by mark-to-market losses on equity securities, net realized losses on fixed maturities, and losses on investment derivatives.

Six Months Ended June 30

(in millions of U.S.

Fixed maturities $ (103) $ (1,469) $ (1,572) $ (104) $ 1,887 $ 1,783

Investment and embedded derivative instruments (170) — (170) 131 — 131

Public equity

Sales 140 — 140 20 — 20

Mark-to-market (163) — (163) 180 — 180

Private equity (less than 3 percent ownership)

Mark-to-market 109 — 109 (17) — (17)

Total investment portfolio (187) (1,469) (1,656) 210 1,887 2,097

Other derivative instruments (17) — (17) (5) — (5)

Foreign exchange (25) 370 345 (154) 1,155 1,001

Current discount rate on future policy benefits — 241 241 — (252) (252)

Instrument-specific credit risk on market risk benefits — 13 13 — 5 5

Other (16) 33 17 (7) (121) (128)

Net gains (losses), pre-tax $ (245) $ (812) $ (1,057) $ 44 $ 2,674 $ 2,718

Pre-tax net unrealized gains of $357 million and losses of $1,469 million in our investment portfolio for the three and six months ended June 30, 2026, respectively, were primarily driven by changes in interest rates.

Pre-tax net realized gains of $162 million for the three months ended June 30, 2026, were primarily driven by mark-to-market gains on equities and sales of equities, partially offset by losses on derivatives.

Pre-tax net realized losses of $245 million for the six months ended June 30, 2026, were primarily driven by losses on derivatives, net realized losses on fixed maturities, and net mark-to-market losses on equities, partially offset by gains on sales of equity securities.

Effective Income Tax Rate

2 unchanged sentences

A change in the geographic mix of earnings could impact our ETR.

For the three months ended March 31, 2026, our ETR was 21.6 percent compared to an ETR of 19.3 percent in the prior year.

For the three and six months ended June 30, 2026, our ETR was 20.5 percent and 21.0 percent, respectively, compared to an ETR of 19.3 percent in the prior year.

The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items.

31 unchanged sentences

Three Months Ended

March 31, 2026

June 30, 2026

(in millions of U.S.

7 unchanged sentences

PPD, net of related adjustments - favorable (unfavorable) 111 173 — 146 11 (158) 283

Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — — 5

Expense adjustments - unfavorable (favorable) 2 — — — 2 — 4

7 unchanged sentences

Net premiums earned E $ 5,214 $ 1,817 $ 641 $ 3,984 $ 299 $ 11,955

Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — 5

PPD reinstatement premiums - unfavorable (favorable) — — — 10 — 10

17 unchanged sentences

Three Months Ended

March 31, 2025

June 30, 2025

(in millions of U.S.

9 unchanged sentences

Expense adjustments - unfavorable (favorable) 2 — — — 1 — 3

PPD reinstatement premiums - unfavorable (favorable) — — — — (2) — (2)

PPD, gross of related adjustments - favorable (unfavorable) 114 121 — 77 14 (70) 256

7 unchanged sentences

Net premiums earned adjustments on PPD - unfavorable (favorable) 6 — — — — 6

PPD reinstatement premiums - unfavorable (favorable) — — — — (2) (2)

Net premiums earned excluding adjustments F $ 5,183 $ 1,681 $ 598 $ 3,547 $ 336 $ 11,345

14 unchanged sentences

Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global

Reinsurance Corporate Total P&C

Six Months Ended

June 30, 2026

(in millions of U.S.

dollars except for ratios)

Losses and loss expenses/policy benefits A $ 6,592 $ 1,825 $ 579 $ 3,580 $ 258 $ 173 $ 13,007

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments (504) (348) (18) (89) (16) — (975)

Reinstatement premiums collected (expensed) on catastrophe losses — — — — — — —

Catastrophe losses, gross of related adjustments (504) (348) (18) (89) (16) — (975)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable) 200 174 80 277 11 (173) 569

Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — — 5

Expense adjustments - unfavorable (favorable) 4 — — — 4 — 8

PPD reinstatement premiums - unfavorable (favorable) — — — 17 — — 17

PPD, gross of related adjustments - favorable (unfavorable) 209 174 80 294 15 (173) 599

CAY loss and loss expense ex CATs B $ 6,297 $ 1,651 $ 641 $ 3,785 $ 257 $ — $ 12,631

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses C $ 2,187 $ 865 $ 67 $ 2,855 $ 217 $ 217 $ 6,408

Expense adjustments - favorable (unfavorable) (4) — — — (4) — (8)

Policy acquisition costs and administrative expenses, adjusted D $ 2,183 $ 865 $ 67 $ 2,855 $ 213 $ 217 $ 6,400

Net premiums earned E $ 10,362 $ 3,563 $ 830 $ 7,764 $ 625 $ 23,144

Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — 5

PPD reinstatement premiums - unfavorable (favorable) — — — 17 — 17

Net premiums earned excluding adjustments F $ 10,367 $ 3,563 $ 830 $ 7,781 $ 625 $ 23,166

P&C Combined ratio

Loss and loss expense ratio A/E 63.6 % 51.2 % 69.7 % 46.1 % 41.3 % 56.2 %

Policy acquisition cost and administrative expense ratio C/E 21.1 % 24.3 % 8.1 % 36.8 % 34.8 % 27.7 %

P&C Combined ratio 84.7 % 75.5 % 77.8 % 82.9 % 76.1 % 83.9 %

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted B/F 60.7 % 46.3 % 77.3 % 48.6 % 41.1 % 54.5 %

Policy acquisition cost and administrative expense ratio, adjusted D/F 21.1 % 24.3 % 8.1 % 36.7 % 34.1 % 27.7 %

CAY P&C Combined ratio ex CATs 81.8 % 70.6 % 85.4 % 85.3 % 75.2 % 82.2 %

Combined ratio

Combined ratio 83.8 %

impact of gains and losses on crop derivatives 0.1 %

P&C Combined ratio 83.9 %

The ratios above are calculated using whole U.S.

Accordingly, calculations using rounded amounts may differ.

Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C

Six Months Ended

June 30, 2025

(in millions of U.S.

dollars except for ratios)

Losses and loss expenses/policy benefits A $ 6,289 $ 2,915 $ 575 $ 3,428 $ 374 $ 84 $ 13,665

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments (383) (1,484) (16) (307) (81) — (2,271)

Reinstatement premiums collected (expensed) on catastrophe losses — (50) — (5) 13 — (42)

Catastrophe losses, gross of related adjustments (383) (1,434) (16) (302) (94) — (2,229)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable) 220 121 33 198 15 (83) 504

Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — — 5

Expense adjustments - unfavorable (favorable) — — (3) — — — (3)

PPD reinstatement premiums - unfavorable (favorable) — — — — (2) — (2)

PPD, gross of related adjustments - favorable (unfavorable) 225 121 30 198 13 (83) 504

CAY loss and loss expense ex CATs B $ 6,131 $ 1,602 $ 589 $ 3,324 $ 293 $ 1 $ 11,940

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses C $ 2,125 $ 831 $ 69 $ 2,449 $ 218 $ 211 $ 5,903

Expense adjustments - favorable (unfavorable) — — 3 — — — 3

Policy acquisition costs and administrative expenses, adjusted D $ 2,125 $ 831 $ 72 $ 2,449 $ 218 $ 211 $ 5,906

Net premiums earned E $ 10,165 $ 3,255 $ 763 $ 6,751 $ 706 $ 21,640

Reinstatement premiums (collected) expensed on catastrophe losses — 50 — 5 (13) 42

Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — 5

PPD reinstatement premiums - unfavorable (favorable) — — — — (2) (2)

Net premiums earned excluding adjustments F $ 10,170 $ 3,305 $ 763 $ 6,756 $ 691 $ 21,685

P&C Combined ratio

Loss and loss expense ratio A/E 61.9 % 89.5 % 75.4 % 50.8 % 53.0 % 63.1 %

Policy acquisition cost and administrative expense ratio C/E 20.9 % 25.6 % 9.0 % 36.2 % 30.8 % 27.3 %

P&C Combined ratio 82.8 % 115.1 % 84.4 % 87.0 % 83.8 % 90.4 %

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted B/F 60.3 % 48.4 % 77.3 % 49.2 % 42.4 % 55.1 %

Policy acquisition cost and administrative expense ratio, adjusted D/F 20.9 % 25.2 % 9.4 % 36.3 % 31.5 % 27.2 %

CAY P&C Combined ratio ex CATs 81.2 % 73.6 % 86.7 % 85.5 % 73.9 % 82.3 %

Combined ratio

Combined ratio 90.4 %

impact of gains and losses on crop derivatives —

P&C Combined ratio 90.4 %

The ratios above are calculated using whole U.S.

Accordingly, calculations using rounded amounts may differ.

Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Net Investment Income

Three Months Ended March 31

Three Months Ended June 30 Six Months Ended June 30

(in millions of U.S.

8 unchanged sentences

Gross investment income (1)

1,813 1,621 3,579 3,232

Investment expenses (53) (53) (110) (103)

2 unchanged sentences

(1) Includes amortization expense related to fair value adjustment of acquired invested assets

$ (1) $ (4) $ (3) $ (6)

Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation.

Net investment income increased 9.5 percent for the three months ended March 31, 2026, primarily due to higher average invested assets.

Net investment income increased 12.3 percent and 10.9 percent for the three and six months ended June 30, 2026, respectively, primarily due to higher average invested assets.

For private equities where we own less than three percent, investment income is included within Net investment income in the table above.

2 unchanged sentences

The total mark-to-market movement for private equities excluded from Net investment income was as follows:

Three Months Ended March 31

Three Months Ended June 30 Six Months Ended June 30

(in millions of U.S.

dollars) 2026 2025 2026 2025

Total mark-to-market gain (loss) on private equity, pre-tax $ 43 $ (16)

Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at March 31, 2026.

The portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers.

We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection.

We have long-standing global credit limits for our entire portfolio across the organization.

Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer.

We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and clos ely monitor investment manager compliance with portfolio guidelines.

Total mark-to-market gain on private equity, pre-tax $ 99 $ 512 $ 142 $ 496

Interest Expense

Interest expense for the six months ended June 30, 2026 was $398 million.

Based on projected variable expenses and our existing debt obligations, including recent issuances, we expect pre-tax interest expense to be approximately $410 million for the remainder of 2026, or $808 million for the full year.

For more information on our debt obligations, refer to Note 11 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2025 Form 10-K.

For further information on the management of our investment portfolio, please refer to Investments within Item 7 in our 2025 Form 10-K.

The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions of U.S.

9 unchanged sentences

Total investments $ 172,686 $ 176,112 $ 168,754 $ 170,714

The fair value of our total investments increased $1.5 billion during the three months ended March 31, 2026, mainly due to the investing of operating cash flow, partially offset by unrealized losses on fixed maturities mainly due to interest rate increases.

The fair value of our total investments increased $3.9 billion during the six months ended June 30, 2026, mainly due to the investing of operating cash flow, partially offset by unrealized losses on fixed maturities mainly due to interest rate increases.

The valuation of our fixed income portfolio is impacted by changes in interest rates.

The following tables present the fair value of our fixed income securities at March 31, 2026, and December 31, 2025.

The following tables present the fair value of our fixed income securities at June 30, 2026, and December 31, 2025.

The first table lists investments according to type and second according to S&P credit rating:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions of U.S.

16 unchanged sentences

$ 138,739 100 % $ 135,611 100 %

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $8.4 billion and $8.1 billion at March 31, 2026, and December 31, 2025, respectively.

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $7.8 billion and $8.1 billion at June 30, 2026, and December 31, 2025, respectively.

Corporate and asset-backed securities

The following table presents our 10 largest global exposures to corporate bonds by fair value at March 31, 2026:

The following table presents our 10 largest global exposures to corporate bonds by fair value at June 30, 2026:

(in millions of U.S.

4 unchanged sentences

Goldman Sachs Group Inc 571

Wells Fargo & Co 562

Citigroup Inc 556

Wells Fargo & Co 541

Verizon Communications Inc 422

UBS Group AG 366

T-Moblie USA Inc 389

Comcast Corp 359

3 unchanged sentences

Value Amortized Cost, Net

March 31, 2026

June 30, 2026

(in millions of U.S.

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fixed income portfolio by country/sovereign for non-U.S.

government securities at March 31, 2026:

government securities at June 30, 2026:

(in millions of U.S.

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Commonwealth of Australia 618 706

Province of Ontario 555 562

Province of Hunan China 569 557

Province of Ontario 529 531

Other Non-U.S.

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fixed income portfolio by country/sovereign for non-U.S.

corporate securities at March 31, 2026:

corporate securities at June 30, 2026:

(in millions of U.S.

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United States (1)

Australia 1,361 1,401

South Korea 1,318 1,350

Australia 1,307 1,334

Japan 1,278 1,293

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Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers.

At March 31, 2026, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 14 percent of our fixed income portfolio.

At June 30, 2026, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 13 percent of our fixed income portfolio.

Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $194 million.

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Other (including foreign exchange translation) 99 24 75

Balance at March 31, 2026 $ 88,915 $ 18,253 $ 70,662

Balance at June 30, 2026 $ 89,669 $ 18,453 $ 71,216

(1) Net of valuation allowance for uncollectible reinsurance.

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Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories.

The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at March 31, 2026, and does not represent our expected catastrophe losses for any one year.

The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at June 30, 2026, and does not represent our expected catastrophe losses for any one year.

Modeled Net Probable Maximum Loss (PML) Pre-tax

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The PML for worldwide and key U.S.

peril regions are based on our in-force portfolio at January 1, 2026, and reflect the April 1, 2026, reinsurance program, as well as inuring reinsurance protection coverage.

peril regions are based on our in-force portfolio at April 1, 2026, and reflect the April 1, 2026, reinsurance program, as well as inuring reinsurance protection coverage.

Refer to the Global Property Catastrophe Reinsurance section for more information.

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According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S.

hurricane events could be in excess of $3,823 million (or 5.2 percent of total Chubb shareholders’ equity at March 31, 2026).

hurricane events could be in excess of $3,766 million (or 5.0 percent of total Chubb shareholders’ equity at June 30, 2026).

The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following:

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Capital resources consist of funds deployed or available to be deployed to support our business operations.

March 31 December 31

June 30 December 31

(in millions of U.S.

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The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments.

On March 17, 2026, Chubb INA issued CHF 200 million (approximately $254 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032.

In June 2026, the €575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt.

Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2026:

• March 2026:

Issued CHF200 million (approximately $254 million at the time of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032.

Repaid $1.5 billion of 3.35 percent senior unsecured notes upon maturity.

Issued $1.0 billion of 5.30 percent senior unsecured notes due May 2036.

Issued CNH4.0 billion senior unsecured notes (approximately $587 million at the time of issuance) in 5-year and 10-year tranches, at 2.40 percent and 2.85 percent, respectively.

Issued CAD800 million senior unsecured notes (approximately $572 million at the time of issuance) in 5-year and 7-year tranches, at 3.780 percent and 4.034 percent, respectively.

Refer to Note 11 to the Consolidated Financial Statements for additional details.

For the three months ended March 31, 2026, we repurchased $1.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization.

At March 31, 2026, there were 11,625,267 Common Shares in treasury with a weighted-average cost of $198.05 per share.

For the period April 1, 2026, through April 27, 2026, we repurchased 1,029,374 Common Shares for a total of $340 million in a series of open market transactions under the share repurchase authorization.

At April 27, 2026, $1.2 billion in share repurchase authorization remained.

For the six months ended June 30, 2026, we repurchased $2.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization.

At June 30, 2026, there were 14,486,798 Common Shares in treasury with a weighted-average cost of $227.29 per share.

In May 2026, the Board authorized the repurchase of up to $7.5 billion of Chubb's Common Shares, effective July 1, 2026 with no expiration date.

Chubb's existing share repurchase program remained effective through June 30, 2026.

For the period July 1, 2026, through July 27, 2026, we repurchased 40,000 Common Shares for a total of $14 million in a series of open market transactions under the share repurchase authorization.

At July 27, 2026, $7.5 billion in share repurchase authorization remained.

We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years.

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March 13, 2026 April 6, 2026 $0.97 (CHF 0.75)

June 12, 2026 July 2, 2026 $1.02 (CHF 0.80)

We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term.

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Our total credit facility capacity is $4.3 billion, $3.0 billion of which can be used for revolving credit.

At March 31, 2026, our letter of credit borrowings outstanding under these facilities was $980 million.

At June 30, 2026, our letter of credit borrowings outstanding under these facilities were $991 million.

Our access to credit under these facilities is dependent on the ability of the bank counterparties to meet their funding commitments.

The facilities require that we maintain certain financial covenants, all of which we met at March 31, 2026.

The facilities require that we maintain certain financial covenants, all of which we met at June 30, 2026.

Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market.

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To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed.

We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the $3.0 billion group syndicated credit facility.

At March 31, 2026, there were no commercial paper borrowings outstanding.

We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the availability under our $3.0 billion group syndicated credit facility.

At June 30, 2026, there were no commercial paper borrowings outstanding.

We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries.

At June 30, 2026, there were $3.4 billion in repurchase agreements outstanding with various maturities over the next two months.

The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies.

During the three months ended March 31, 2026, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

During the six months ended June 30, 2026, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

We assess which subsidiaries to draw dividends from based on a number of factors.

Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision.

Chubb Limited received dividends of nil and $310 million from its Bermuda subsidiaries during the three months ended March 31, 2026 and 2025, respectively.

Chubb Limited received dividends of $149 million and $207 million from its other international subsidiaries during the three months ended March 31, 2026, and 2025, respectively.

During the three months ended March 31, 2026, and 2025, Chubb Limited received no redemptions from Chubb INA for the portion of its ownership interest in Chubb INA, in accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company.

Chubb INA is expected to fully redeem, by the end of 2027, Chubb Limited's ownership interest in Chubb INA.

insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile).

insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the

subsidiary’s domicile (or, if applicable, commercial domicile).

Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate.

These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities.

Chubb Limited received no dividends from Chubb INA during the three months ended March 31, 2026, and 2025.

Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA’s insurance subsidiaries to Chubb INA as well as other group resources.

Chubb INA received dividends of nil and $366 million from its subsidiaries during the three months ended March 31, 2026, and 2025, respectively.

The following table summarizes dividends paid to Chubb Limited and Chubb INA and redemptions of Chubb Limited's ownership interest in Chubb INA.

From Bermuda Subsidiaries From Chubb INA and Subsidiaries From Other International Subsidiaries From Swiss Subsidiaries

Six months ended June 30 Six months ended June 30 Six months ended June 30 Six months ended June 30

(in millions of U.S.

dollars) 2026 2025 2026 2025 2026 2025 2026 2025

Dividends received by Chubb Limited $ — $ 510 $ — $ — $ 149 $ 207 $ 112 $ —

Dividends received by Chubb INA N/A N/A 1,043 1,340 N/A N/A N/A N/A

Chubb Ltd redemptions from Chubb INA (1)

N/A N/A 1,250 625 N/A N/A N/A N/A

(1) In accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company.

Chubb INA is expected to fully redeem, by the end of 2027, Chubb

Limited's ownership interest in Chubb INA.

Six Months Ended

(in millions of U.S.

dollars) 2026 2025

Net cash provided by operating activities $ 7,677 $ 5,117

Net cash used for investing activities (5,177) (3,625)

Net cash used for financing activities (2,219) (1,887)

Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements.

The following is a discussion of our cash flows for the three months ended March 31, 2026 and 2025.

Operating cash flows were $3.9 billion for the three months ended March 31, 2026, compared to $1.6 billion in the prior year period, primarily due to higher net premiums collected and lower net losses paid, partially offset by higher expenses paid.

Cash used for investing was $2.8 billion for the three months ended March 31, 2026, compared to $798 million in the prior year period, an increase of $2.0 billion, primarily due to higher net purchases of fixed maturities and short-term securities of $2.9 billion.

This activity was partially offset by the impact of net private equity distributions of $80 million in the current year compared to net private equity contributions of $657 million in the prior year period.

Cash used for financing was $950 million for the three months ended March 31, 2026, compared to $1.1 billion in the prior year period, a decrease of $175 million.

This decrease reflects a repayment of long term debt of $800 million in the prior year compared to an issuance of $254 million in the current year.

This activity was partially offset by higher common shares repurchased of $483 million, higher net distributions from consolidated investment products of $322 million, and lower net repurchase agreement borrowings of $116 million.

We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries.

At March 31, 2026, there were $3.7 billion in repurchase agreements outstanding with various maturities over the next two months.

Net cash provided by operating activities increased $2.6 billion primarily due to higher net premiums collected, lower net losses paid, and higher net investment income collected.

Cash used in investing increased $1.6 billion primarily due to higher net purchases of fixed maturities and short-term investments of $2.5 billion, partially offset by lower net private equity contributions of $1.0 billion.

Cash used in financing increased $332 million.

This increase reflects higher common shares repurchased of $799 million and $363 million higher net repayment of repurchase agreements.

Additionally, the current year net capital distributed by consolidated investment products were $298 million compared to a prior year net third party capital invested into consolidated investment products of $399 million .

This activity was partially offset by higher net proceeds of long-term debt of $916 million in the current year, compared to net repayment of $551 million in the prior year.

Both internal and external forces influence our financial condition, results of operations, and cash flows.

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Information provided in connection with outstanding debt of subsidiaries

Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor).

Chubb INA Holdings LLC (Chubb INA or Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limit ed (Parent Guarantor).

The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer.

The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after e limination of investment in any non-guarantor subsidiary:

Chubb Limited

(Parent Guarantor) Chubb INA Holdings LLC

(Subsidiary Issuer)

March 31 December 31 March 31 December 31

(in millions of U.S.

dollars) 2026 2025 2026 2025

Investments $ — $ — $ 455 $ 535

Cash 91 313 173 584

Due from parent guarantor/subsidiary issuer 5 733 25 —

Due from subsidiaries that are not issuers or guarantors 465 470 499 662

Other assets 18 379 3,737 3,575

Total assets $ 579 $ 1,895 $ 4,889 $ 5,356

Due to parent guarantor/subsidiary issuer $ 25 $ — $ 5 $ 733

Due to subsidiaries that are not issuers or guarantors 324 339 131 120

Affiliated notional cash pooling programs 72 — — —

Short-term debt — — 1,500 1,499

Long-term debt — — 15,970 15,728

Hybrid debt — — 309 309

Other liabilities 611 647 1,782 1,809

Total liabilities 1,032 986 19,697 20,198

Total equity (453) 909 (14,808) (14,842)

Total liabilities and equity $ 579 $ 1,895 $ 4,889 $ 5,356

The following table presents the condensed statements of operations and comprehensive loss of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries:

Three Months Ended March 31, 2026 Chubb Limited

(Parent Guarantor) Chubb INA Holdings LLC

(Subsidiary Issuer)

(in millions of U.S.

Net investment income (expense) $ 7 $ 8

Net realized gains (losses) — 46

Administrative expenses 25 (16)

Interest (income) expense (7) 154

Other (income) expense (8) 13

Income tax expense (benefit) 12 (55)

Net loss $ (15) $ (42)

Comprehensive loss $ (15) $ (30)

Chubb Limited and Chubb INA act as holding companies within the Chubb Group and primarily hold investments in operating insurance subsidiaries.

On a standalone basis, excluding investments in subsidiaries that are not issuers or guarantors, the combined assets, liabilities, and results of operations of Chubb Limited and Chubb INA are not material to investors’ assessment of the guaranteed notes.

The creditworthiness of the guaranteed securities depends on the underlying operating insurance subsidiaries.

Quantitative and Qualitative Disclosures about Market Risk

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis